Cambodia's Trade With RCEP Nations Surges Amid Global Turbulence Cambodia's trade relations with the Regional Comprehensive Economic...
Cambodia's Trade With RCEP Nations Surges Amid Global Turbulence
Cambodia's trade relations with the Regional Comprehensive Economic Partnership (RCEP) witnessed a significant surge, reaching close to $30 billion in 2023, as reported by the Ministry of Commerce.
The ministry disclosed that Cambodia's exports to RCEP member nations soared to $8.172 billion, marking a notable 28% increase, while imports from these partners saw a decline, totaling $21.286 billion, a decrease of over 13% year-on-year.
Despite facing global challenges, including the Russia-Ukraine conflict and the Israel-Hamas tensions, Cambodia demonstrated resilience in its trade performance within the RCEP.
Hong Vanak, from the Royal Academy of Cambodia, attributed this resilience to Cambodia's enhanced production capacity, adherence to quality standards, and improved geopolitical stability.
The RCEP, comprising 15 countries in the Asia-Pacific region, emerged as the world's largest trading bloc, boasting a combined GDP exceeding $26 trillion.
This economic powerhouse accounts for approximately 30% of the global GDP, 28% of world trade, and over 32% of global investment, signifying its pivotal role in shaping the future of global trade.
Ministry spokesperson Pen Sovicheat highlighted Cambodia's integration into the world's supply chain, with a notable increase in exports spanning garments, footwear, electronics, electricity, and agriculture to RCEP nations.
Sovicheat emphasized the positive impact of the RCEP agreement on Cambodia's export growth, underscoring the country's rising prominence in international markets.
With Cambodia's increased production and export capacities, coupled with favorable reforms in investment laws, the country is poised for sustained economic growth.
The surge in exports to RCEP member nations reflects Cambodia's commitment to leveraging regional and global trade opportunities for economic development.
Despite global economic and political turbulence, Cambodia's trade relations with the RCEP have flourished, underscoring the country's resilience and potential for further economic expansion.
As Cambodia continues to deepen its integration into global supply chains, the RCEP remains a crucial platform for driving sustainable economic growth and prosperity in the region and beyond.
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